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Algorithm Makes a Bullish Prediction for Pi Network (PI) Coin Price

  • With over 47 million users mining and holding PI worldwide, the “people’s crypto” already has tremendous buying pressure built-in.
  • Once the Open Mainnet launches and exchanges list PI, the large number of investors could send the price skyrocketing north of $150.
  • New perks like staking PI to chat privately are giving pioneers real reasons to hold coins long-term. More utility means less selling pressure.

Pi Network, a crypto mining crypto platform, has grown enormously since launching its mobile mining app back in 2019. With over 47 million users worldwide, the project has attracted significant interest despite still being under development. Now, CoinCodex’s price prediction algorithm is forecasting major upside potential for Pi Network’s native PI coin.

Our Pi Network price forecast

CoinCodex’s algorithm is predicting PI coin could surge over 400% in value over the next 12 months. Based on technical and historical analysis, the model estimates PI coin IOUs could be trading between $150-$210 by late 2024 if momentum continues building.

This bullish forecast factors in Pi’s steady rollout of new features and functionality leading up to the highly anticipated full mainnet launch. Once live, the Open Mainnet is expected to enable external connectivity and exchange listings for PI – two key catalysts that could drive substantial price action.

Recent initiatives driving price potential

In the leadup to open mainnet, Pi Network has been busy. They recently launched innovative Staked DMs on their Pi Chat app. This requires users to stake PI coins to initiate private chats, deterring spammers and bots. Early data showed PI’s IOU price jumped almost 40% when Staked DMs went live, indicating strong market confidence.

There have also been some intriguing use cases emerging. The Pi Core Team shared how PI was used in South Korea to purchase a painting for approximately $38 per coin – remarkably close to the current IOU price. And that’s not the only real-world PI transaction. The team highlighted several others spanning digital assets to physical goods.

Of course, price predictions assume the mainnet launch goes smoothly. Pi Network originally targeted 2022 for open mainnet but timeline delays have fueled criticism. However, their 2023 roadmap aims to address requirements for launching the open network period. Hitting these milestones could be key.

Bullish factors behind the price prediction

Aside from development progress, there are other reasons for long-term optimism around the PI coin price. Here are some of the bullish considerations factored into the forecast:

  • Massive user base – With over 47 million pioneers worldwide, Pi has an enormous community invested in the project’s success. This gives PI coins major distribution right out the gate.
  • Listing potential – Pi Network’s valuation could quickly ascend if PI gets listed on top exchanges post-mainnet. The CoinCodex algorithm assumes listings are likely given Pi’s high profile.
  • Staking and utility – Pi Network is actively integrating real utility like Staked DMs, giving users a reason to hold PI coins. Added staking incentives could further limit circulating supply.
  • Mobile mining accessibility – Pi’s mining app continues attracting new users, despite barriers from Apple and Google. More pioneers joining the network leads to greater demand for PI.

What could go wrong?

As with any forecast, especially in crypto, things don’t always go to plan. Here are some of the factors that could potentially interfere with the lofty $150-$210 price prediction if Pi Network’s execution falls short:

  • Mainnet delays – Failure to launch Open Mainnet in 2024 would severely dampen short-term price momentum. This could sour investor perception.
  • KYC issues – Pi Network’s lengthy identity verification process has frustrated pioneers waiting to migrate coins to mainnet. KYC problems could hamper adoption.
  • Limited utility – Usage of PI coins remains minimal ahead of mainnet. Not prioritizing utility post-launch could restrict real-world demand.
  • User exodus – Loyal pioneers sticking with Pi Network for years could lose patience, especially if timelines slip again. Dropping user activity may equate to sell pressure.

The verdict? Cautiously bullish

The algorithm remains cautiously bullish on Pi Network’s price potential thanks to its tremendous reach and pending mainnet rollout. However, Pi Network must execute properly on its ambitious roadmap to capitalize on these opportunities. Continued community involvement is also key to build faith in the project.

Pi Network is widely recognized as one of the best mobile mining cryptos on the market today – if you want to explore other mobile crypto mining platforms join our PI mining community.

Source: https://coincodex.com/article/33698/algorithm-makes-a-bullish-prediction-for-pi-network-pi-coin-price/

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